Bits of Sweetness: 0 Down Housing Loan Program

0 Down Housing Loan Program

Several have asked me about the USDA's rural development program we've applied for. Here is more information. It's an actual loan to buy or build a house based on income. You can also get a loan to repair the house you own. The rural area you can buy in varies by city, as do the income limits.  This program is available in every state.For our area you have to make under 44,000 for a 3 person family. You can find out more info on income guidelines on their website. To get into the program you fill out a pre qualification form and they'll either mail or call you back letting you know if you were qualified or not. if you pass you pretty much have the loan. They do check your credit and look for a 640 score. you can get a pre paid card from orchard bank online to build or improve credit. they also look at debt,length of tenure at your job, costs a month for other things like daycare, bills, etc. One great thing is if you're not approved you can work on whatever it is and reapply later. Once you are approved for the loan they check your income every six months and if it goes up your payments go up, which is fine with us because we want to eventually pay the entire payment. You can buy any house on the market although they do give you a max amount you can spend. Right now there's a 6-9 month waiting list where we live but I mean really- that's less than a year! for more info search for usda rural development ____(your state).

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